2023 Ram 2500 Big Horn Crew Cab 4x4 6'4" Box on 2040-cars

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Stellantis moves to set up its own lending unit

Stellantis is buying Houston-based auto lender First Investors Financial Services Group to set up its own finance arm in the U.S., a move that should support sales and eventually boost profit. The only major traditional automaker in the U.S. without its own finance company agreed to pay $285 million to a group of investors led by Gallatin Point Capital and Jacobs Asset Management, according to a statement. The transaction is expected to close by year-end. Stellantis was formed via the merger between Fiat Chrysler and PSA Group early this year. Carlos Tavares, the PSA boss who became the combined company’s chief executive officer, called the deal to acquire First Investors a milestone that will increase earnings and enhance customer loyalty. “Direct ownership of a finance company in the U.S. is a white-space opportunity which will allow Stellantis to provide our customers and dealers a complete range of financing options,” Tavares said Wednesday in the statement.  Having an in-house finance company has helped rivals General Motors Co. and Ford Motor Co. pad profits, especially during the global semiconductor shortage that has limited production and crimped sales. GM bought subprime lender AmeriCredit Corp. in 2010 and renamed it GM Financial. The operation generated a $2.76 billion profit in the first half -- roughly a third of the companyÂ’s adjusted earnings before interest and taxes. Trouble for Santander? The First Investors acquisition could spell trouble for Chrysler Capital, the operation that Santander Consumer USA Holdings Inc. and Chrysler set up in 2013 before the U.S. automaker completed its merger with Fiat. In a statement, Santander Consumer said itÂ’s committed to supporting Stellantis through the term of their existing agreement and its transition. Santander Consumer will also have “ongoing conversations with Stellantis about long-term mutually beneficial opportunities beyond 2023,” the company said, adding that its consumer business remains strong and has “delivered solid results for our shareholders.” This, along with support from its parent company, will allow the lender to “pursue additional opportunities as they arise.” The lenderÂ’s U.S.-listed stock fell 1.5% in New York trading Wednesday after Bloomberg reported Stellantis was preparing to announce a new finance partner. Stellantis shares rose as much as 1.3% in Paris trading Thursday.

UPDATE: 8 Ram 1500s stolen, 2 recovered in Warren factory heist

UPDATE: Police and FCA report that the correct number of stolen Ram trucks was eight. Two of them were later recovered — a red truck that apparently ran out of gas, and a white truck that was discovered behind an abandoned building in Detroit. Neither of those trucks showed damage from breaking through the factory gate. Police are now investigating the raid as a possible inside job by current or former employees. "We do believe there was a good possibility that there was inside information given to the persons responsible for the thefts," Warren Police Commissioner Bill Dwyer told the Detroit Free Press. "That would include possibly a former or current employee. Obviously they knew where they were going, what they were looking for, what area to cut the fence and get into the lot where vehicles were parked. This was not a random, all-of-a-sudden thought or idea. It was well-planned for probably several weeks." Previous story appears below: Thursday morning, a group of thieves broke into the grounds of Fiat-Chrysler's truck assembly plant in Warren, Mich., where the Ram 1500 is built, and stole roughly 10 brand-new trucks, according to the Detroit Free Press. The newspaper reports that the thieves drove to up a fence in a pickup truck and cut through to get on the property. They then gathered up trucks and drove right out through the main gates. With a starting price of just over $33,000 for a base Ram 1500, the thieves got away with at least $300,000 worth of trucks. The trucks have yet to be found, and it might still be a while. Warren Police Department Commissioner Bill Dwyer told Detroit Free Press that they haven't received any tips on the vehicles. "We have absolutely nothing," said Dwyer. "Why aren't they calling me? We can't do an investigation if they're not working with us." They're still waiting on FCA to give them a list of the trucks' VINs and colors, as well as an exact number instead of the current estimate of 9 to 11. It's not clear if the keys were in the trucks, but an FCA spokesperson told the Free Press, "The company will be assessing security measures at the location and implementing any necessary changes to prevent future incidents." Dwyer said that the heist "was well-planned," and that the vehicles have probably been taken to a pre-arranged location such as a warehouse. It was likely part of an order for stolen trucks, but it's not clear if a crime ring or syndicate is involved.

Dear Ram: 'GT' doesn't belong on a pickup

When word of the forthcoming Ram G/T models hit our inboxes on Tuesday, my first reaction was one of confusion. The notion of a "Grand Touring" package for anything with a pickup bed struck me as entirely foreign and left me feeling conflicted. Have pickup trucks really come so far that a GT-inspired model makes sense, or am I just married to an antiquated notion that has been co-opted and subsequently bled to death by the endlessly churning automotive marketing machine? One could reasonably argue that "GT" has come a long way from the days when it was closely associated with its namesake term (whether you say "Gran Turismo" or "Grand Touring" really makes no difference) and plenty of not-so-sporting automobiles have already borrowed the nomenclature to denote trims with faster-looking body kits or larger wheels. If that's the model we're choosing to acknowledge, Ram's is arguably ahead of the game. Its G/T package adds a cat-back exhaust and cold air intake (more of a performance nod than some other "GT" models enjoy), paddle shifters, a console-mounted gear lever, unique bucket seats with high bolsters and metal covers for the gas and brake pedals. If this were a package for a Dodge Charger or Challenger, it would certainly check the right boxes. Heck, the whole thing was essentially parts-binned from the TRX with an assist from Mopar's factory accessory catalog.  A Ford Mustang GT and a Mercedes-AMG GT. Note how similar they are to a half-ton truck. In my quest to decide just how out-of-touch I am, I first asked Ram whether G/T actually stands for anything. It doesn't. It was chosen simply to "signify a sporty model within the lineup." There's no apparent significance to the slash aside from being an obvious nod to Dodge's R/T (Road/Track) models, of which even the Viper was one. Even with SRT having supplanted R/T atop the Mopar performance heap, the latter still denotes models with a significant performance increase.  But that means G/T is precisely what we think it is — a trim meant to impart notions of performance, even if there's little of it to be found. It doesn't quite sit with me. The domestics have already pretty much forced us to accept the notion of both high-performance and luxury-oriented pickups, so something splitting the difference doesn't really seem that outrageous.